Rollins and Cohen, CPAS, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the month ending January 31, 21 Billable Hours Audit Department: Staff 39,800 Partners 6,000 Tax Department: Staff 30,200 Partners 3,800 Small Business Accounting Department: Staff 5,200 Partners 700 The average billing rate for staff is $105 per hour, and the average billing rate for partners is $225 per hour. Prepare a professional fees earned budget for Rollins and Cohen, CPAS, for the month ending January 31, 20Y7. ROLLINS AND COHEN, CPAS Professional Fees Earned Budget For the Month Ending January 31, 20Y7 Billable Hourly Hours Total Rate Revenue Audit Department: Staff Partners Total Tax Department: Staff Partners Total Small Business Accounting Department: Staff Partners Total Total professional fees earned QO QO QO

Rollins and Cohen, CPAS, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the month ending January 31, 21 Billable Hours Audit Department: Staff 39,800 Partners 6,000 Tax Department: Staff 30,200 Partners 3,800 Small Business Accounting Department: Staff 5,200 Partners 700 The average billing rate for staff is $105 per hour, and the average billing rate for partners is $225 per hour. Prepare a professional fees earned budget for Rollins and Cohen, CPAS, for the month ending January 31, 20Y7. ROLLINS AND COHEN, CPAS Professional Fees Earned Budget For the Month Ending January 31, 20Y7 Billable Hourly Hours Total Rate Revenue Audit Department: Staff Partners Total Tax Department: Staff Partners Total Small Business Accounting Department: Staff Partners Total Total professional fees earned QO QO QO

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 7E: Professional foes earned budget for a service company LundquistFret well. CPAs, offer three types of...

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Professional labor cost budget for a service company Based on the data in Exercise 7 and assuming that the average compensation per hour for staff is 40 and for partners is 175, prepare a professional labor cost budget for each department forLundquist Fretwell, CPAs, for the year ending May 31, 20Y8. Use the following column headings:
Classify each of the following actions as either being associated with the financial accounting information system (FS) or the cost management information system (CMS): a. Determining the total compensation of the CEO of a public company b. Issuing a quarterly earnings report c. Determining the unit product cost using TDABC d. Calculating the number of units that must be sold to break even e. Preparing a required report for the SEC f. Preparing a sales budget g. Using cost and revenue information to decide whether to keep, or drop, a product line h. Preparing an annual statement of financial position that conforms to generally accepted accounting principles (GAAP) i. Using cost and revenue information to decide whether to invest in a new production system or not j. Reducing costs by improving the overall quality of a product k. Using a debt-equity ratio and liquidity ratios from a balance sheet to assess the likelihood of bankruptcy l. Using a public companys financial statements to decide whether or not to buy its stock
A company uses charging rates to allocate service department costs to the using departments. The accountant compiled the following information on one of the service departments: If Department K plans to use 1,350 hours of the service departments service in the coming year, how much of the service departments cost is allocated to Department K? a. 3,375 b. 27,300 c. 26,325 d. 23,950
Professional Fees Earned Budget Day & Spieth, CPAs, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending March 31, 20Y6: Billable Hours Audit Department: Staff 28,100 Partners 4,200 Tax Department: Staff 21,100 Partners 2,600 Small Business Accounting Department: Staff 3,900 Partners 500 The average billing rate for staff is $110 per hour, and the average billing rate for partners is $230 per hour. Prepare a professional fees earned budget for Day & Spieth, CPAs, for the year ending March 31, 20Y6. DAY & SPIETH, CPAs Professional Fees Earned Budget For the Year Ending March 31, 20Y6 Billable Hours Hourly Rate Total Revenue Audit Department: Staff $ $ Partners Total $ Tax Department: Staff $ $ Partners Total $…
Professional Fees Earned Budget Day & Spieth, CPAs, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending March 31, 20Y6: Billable Hours Audit Department: Staff 36,000 Partners 5,400 Tax Department: Staff 27,700 Partners 3,500 Small Business Accounting Department: Staff 4,700 Partners 700 The average billing rate for staff is $145 per hour, and the average billing rate for partners is $265 per hour. Prepare a professional fees earned budget for Day & Spieth, CPAs, for the year ending March 31, 20Y6. DAY & SPIETH, CPAs Professional Fees Earned Budget For the Year Ending March 31, 20Y6 Billable Hours Hourly Rate Total Revenue Audit Department: Staff fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Partners fill in the blank 4 fill in the…
Professional Fees Earned Budget for a Service Company Lundquist & Fretwell, CPAS, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending May 31, 20Y8: Audit Department: Staff Partners Tax Department: Staff Partners Small Business Accounting Department: Staff Partners Audit Department: Staff Partners The average billing rate for staff is $140 per hour, and the average billing rate for partners is $450 per hour. Prepare a professional fees earned budget for Lundquist & Fretwell, CPAS, for the year ending May 31, 20Y8. Total Tax Department: Staff Partners Total Small Business Accounting Department: Staff Partners Billable Hours Total 25,000 6,000 40,000 8,500 Lundquist & Fretwell, CPAs Professional Fees Earned Budget For the Year Ending May 31, 20Y8 Total professional fees earned 5,000 500 Billable Hours Hourly Rate Total Revenue 3
Professional Fees Earned Budget for a Service Company Rollins and Cohen, CPAs, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the month ending January 31, 20Y7: Billable Hours Audit Department: Staff Partners Tax Department: 43,700 6,600 Staff 33,200 Partners 4,200 Small Business Accounting Department: Staff 5,700 800 Partners The average billing rate for staff is $105 per hour, and the average billing rate for partners is $225 per hour. Prepare a professional fees earned budget for Rollins and Cohen, CPAs, for the month ending January 31, 2017. ROLLINS AND COHEN, CPAS Professional Fees Earned Budget For the Month Ending January 31, 20Y7 Audit Department: Staff Partners Total Billable Hourly Total Hours Rate Revenue Tax Department: Staff Partners Total Small Business Accounting Department: Staff Partners Total Total professional fees earned QO QO QOQ…
Professional Fees Earned Budget for a Service Company Rollins and Cohen, CPAS, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending December 31, 20Y7: Billable Hours Audit Department: Staff 45,000 Partners 6,800 Tax Department: Staff 34,200 Partners 4,300 Small Business Accounting Department: Staff 6,300 Partners 900 The average billing rate for staff is $120 per hour, and the average billing rate for partners is $240 per hour. Prepare a professional fees earned budget for Rollins and Cohen, CPAS, for the year ending December 31, 20Y7. ROLLINS AND COHEN, CPAS Professional Fees Earned Budget For the Year Ending December 31, 20Y7 Billable Hourly Total Hours Rate Revenue Audit Department: Staff Partners Total $4 Tax Department: Staff Partners Total Small Business Accounting Department: Staff Partners Total $ Total professional fees earned $
eBook Print Item Professional Fees Earned Budget Day & Spieth, CPAS, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending March 31, 20Y6: Billable Hours Audit Department: Staff 27,300 Partners 4,100 Tax Department: Staff 21,000 Partners 2,600 Small Business Accounting Department: Staff 3,500 Partners 500 The average billing rate for staff is $105 per hour, and the average billing rate for partners is $225 per hour. Prepare a professional fees earned budget for Day & Spieth, CPAS, for the year ending March 31, 20Y6. DAY & SPIETH, CPAS Professional Fees Earned Budget For the Year Ending March 31, 20Y6 Sign out O 11:09
Professional Fees Earned Budget for a Service Company Lundquist & Fretwell, CPAs, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending May 31, 20Y8: Billable Hours Audit Department: Staff 25,000 Partners 6,000 Tax Department: Staff 40,000 Partners 8,500 Small Business Accounting Department: Staff 5,000 Partners 500 The average billing rate for staff is $140 per hour, and the average billing rate for partners is $450 per hour. Prepare a professional fees earned budget for Lundquist & Fretwell, CPAs, for the year ending May 31, 20Y8. Lundquist & Fretwell, CPAs Professional Fees Earned Budget For the Year Ending May 31, 20Y8 Billable Hours Hourly Rate Total Revenue Audit Department: Staff Partners Total Tax Department:…
Professional Labor Cost Budget for a Service Company Lundquist & Fretwell, CPAS, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending May 31, 20Y8: Audit Department: Staff Partners Tax Department: Staff Partners Small Business Accounting Department: Staff Partners Billable Hours Audit Department hours Tax Department hours Small Business Accounting Department hours Total hours Average compensation per hour Total professional labor cost 25,000 6,000 Based on the data provided above and assuming that the average compensation per hour for staff is $40 and for partners is $175, prepare a professional labor cost budget for each department for Lundquist & Fretwell, CPAS, for the year ending May 31, 20Y8. 40,000 8,500 Lundquist & Fretwell, CPAS Professional Labor Cost Budget For the Year Ending December 31, 20Y8 Staff Partners X $ 5,000 500 x $
Professional Fees Earned Budget Sadie & Chipper, CPAS, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending March 31, 20Y6: Billable Hours Audit Department: Staff 25,000 Partners 5,000 Tax Department: Staff 37,500 Partners 8,000 Small Business Accounting Department: Staff 10,000 Partners 2,000 The average billing rate for staff is $180 per hour, and the average billing rate for partners is $400 per hour. Prepare a professional fees earned budget for Sadie & Chipper, CPAS, for the year ending March 31, 20Y6. SADIE & CHIPPER, CPAS Professional Fees Earned Budget For the Year Ending March 31, 20Y6 Billable Hours Hourly Rate Total Revenue Audit Department: